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Europe Needs Better Non-financial Reporting

Global Glimpses | December 12, 2008

European companies need to improve their reporting of non-financial information, according to the umbrella group that represents Europe’s national accountancy bodies.

Brussels-based FEE (the Fédération des Experts comptables Européens) said reporting on issues such as sustainability and Corporate Social Responsibility met the letter of recently introduced European legal requirements, but not necessarily their spirit.

A FEE analysis found that all European member states have now implemented the 2003 Modernization Directive, which required them to change national accounting laws on non-financial reporting. Financial statements now have to describe the main risks a company faces and give a balanced analysis of its performance that includes non-financial indicators,...

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